China will reportedly launch another significant trial for digital yuan in January. Local reports assert that Sichuan’s capital Chengdu will be the next hotspot for the country’s future virtual asset’s consequent test. As per a recent media report, Chengdu, the capital of the Chinese province of Sichuan, will be the next section, which will examine China’s digital yuan’s capability.
Post recent trials in Shenzhen and Suzhou, the nation’s CBDC (central bank digital currency) trial will begin this year. The government will provide citizens with 30 million digital yuan through the initiative, worth $4.6 million. The publication quotes China’s Bank of Communications internal letter, stating that the South-western city will provide its residents with an opportunity to examine the possibilities of the future CBDC through an initial lottery. Registrations for the lottery will begin on January 27th.
Users to sign up on Tianfu Citizen Cloud App for participating in $4.6 Million digital yuan airdrop
As per the reports, the users will require signing-up by the “Tianfu Citizen Cloud” app. Later, they need to choose a bank to initiate a wallet. The entry needs a second-generation ID card with a Chinese mobile phone number. Moreover, consumers’ mobile phone location has to be in the Chengdu central area when listing. However, it’s still unclear how many would profit from the CBDC lottery. They will be capable of spending their free digital money in local merchants from February 4th to February 26th. However, this timeframe corresponds with the Lunar New Year festival observed in China. Further, the report states that the city of Suzhou will occupy another round in CBDC testing. The second wave will release on January 27th this year and distribute 40 million digital yuan, worth $6.1 million.
Besides the most advanced CBDC test launch in Chengdu, Chinese e-commerce giant JD.com will supposedly provide an extra 20 million digital yuan, worth $3.1 million. It would be a distribution of free digital money to Chinese citizens by the giant online retailer, which currently is the first virtual mall to support digital yuan payments.
Earlier, JD.com declared its subsidiary JD Digit’s launch to start its pilot program by the end of December 2020. The attempt would allow clients to buy specific items employing digital yuan.
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